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Anyone else having their deposits being held by their banks/credit unions for 3-5 days due to the large amount, so they say, of bad checks being passed?
I haven't paid attention for many years, but when I opened my business account, the bank told me 5-7 days for out of state checks and 2-3 days for in-state ones. Therefore, I have always left a pretty hefty amount in my checking acount, as I have employees that like to cash their check.
Years ago I did some commercial work for the FDIC. Get paid and go to deposit it. The bank wants to put a hold on it. I get the branch manager to come over and I spin the little sign around the tells everyone that their deposits are insured by the FDIC, check was drawn on FDIC. I then pointed out that if the check was no good he had bigger problems then my account. They still wanted a three day hold.
If possible, just go cash it at their bank. Sometimes the banks are now charging you to do that-just build that into the price quote-add $25 for check handling charge.
If they're out of town, then you could use one of the check cashing places instead. They charge more than the banks, so it's a last resort-but if it's not a local bank, then add a larger charge to compensate.
Also, check with your state as to the information to gather on a check for criminal prosecution of a bad check. In Florida, for instance, if you gathered the right info, you can get almost 100% collection on bad checks because the alternative is then a criminal court date in addition to having to make the payment, plus court costs.